The city’s would-be home buyers continue to struggle with unemployment, interest rates

“The job market in the Hamilton area continues to grow its non-manufacturing sectors and a diversified economy has had an impact on employment,” said CMHC in its quarterly report Monday.

That strong job sector coupled with a significant drop-off in new listings – even as prices climb -- means that both homebuyers and property investors are increasingly shut out of the Hamilton market.

The phenomenon is good news for the hundreds of property investors already in that marketplace, just outside the pricey GTA.

Those landlords are likely to see rising demand for their rental units headed into 2013 and beyond, said one analyst Tuesday.

Their good fortune has everything to do with the current shortage of rental stock and the dearth of homes for sale that would otherwise see working Hamiltonians transfer out of the rental market.

The city is already a lure for Toronto investors, with REIN naming it the No. 1 spot in Ontario.

“Known formerly as a hard–working steel town, the city has quickly shed this image in the eyes of potential investors,” said REIN’s Don Campbell, in June.

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